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Vamshi Rubber Directors Report, Vamshi Rubber Reports by Directors
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Download Annual Report PDF Format 2013 | 2011
Directors Report Year End : Mar '13    Mar 12
Dear Members,
 
 The Directors have pleasure in presenting the Nineteenth Annual Report
 and the Audited Statement of Accounts for the year ended 31st March,
 2013.  
 
 FINANCIAL RESULTS:
 
 The performance during the period ended 31st March 2013 has been as
 under:
 
 
                                                          (Rs. In Lakhs)
 
 For the year ended                   31st March 2013   31st March 2012
 
 Sales & Other Income                        8,338.17           8216.68
 
 Operating profit before Financial 
 Charges & Depreciation                        410.96            554.76
 
 Financial Charges                             128.58            134.94
 
 Profit before Depreciation                    282.39            419.81
 
 Depreciation                                   81.11             75.46
 
 Profit / (Loss) before taxes                  201.28            344.36
 
 Prior Period Expenses                          (2.83)             1.24
 
 Provision for Taxation                         63.51            102.82
 
 Deferred Tax for the Current Year              (9.25)             8.20
 
 Net profit after taxes                        149.85            232.10
 
 ProfiV(Loss) brought forward from 
 previous year                                 807.46            624.25
 
 Dividend (including tax on Dividend)           48.89             48.89
 
 Balance of profit brought forward             908.41            807.46
 
 
 
 OPERATIONS:
 
 During the year under review, the gross revenue of the Company
 increased to Rs. 8,338.17 Lakhs compared to Rs. 8216.68 Lakhs in the
 previous year, registering a growth of 1.48%. The Profit after tax for
 the year decreased by 35.44% to Rs. 149.85 Lakhs compared to Rs. 232.10
 Lakhs in the previous year.
 
 FUTURE OUTLOOK:
 
 Improvement of roads leading to more transportation which helps our
 industry. Moreover radialisation of tyres benefits our company which
 has better suitable technology. However as there is sluggishness in the
 economy, we forecast a growth of 5% to 10% during the financial year
 2013-2014.
 
 DIVIDEND:
 
 The Board of Directors recommended a dividend of Rs.1.00 per Equity
 Share for the financial year ended 31st March, 2013, which if approved
 at the forthcoming Annual General Meeting on 27th September 2013, will
 be paid to those shareholders whose names appear in the Register of
 Members as at the closing hours of business on 24th September, 2013. In
 respect of shares held in electronic form, the dividend will be paid on
 the basis of beneficial ownership furnished by Depositories viz., NSDL
 and CDSL for this purpose. The Register of Members and Share Transfer
 Books will remain closed from 24th September, 2013 to 27th September,
 2013 (both days inclusive).
 
 DIRECTORS:
 
 Approval of the shareholders is being sought for re-appointment of Sri.
 S.Ramachandra Prasad and Sri. A.Vamsheedhar Reddy, who retire by
 rotation at forthcoming Annual General Meeting of the Company and being
 eligible, offer themselves for reappointment in accordance with the
 Articles of Association and Companies Act, 1956.
 
 FIXED DEPOSITS:
 
 Your Company has not invited any deposits from the Public nor
 outstanding for the year under review within the meaning of Section 58A
 of the Companies Act, 1956 and the rules made there under.
 
 INTERNAL CONTROL SYSTEMS:
 
 Your Company has well established procedures for internal control
 across its various locations, commensurate with its size and
 operations. The organization is adequately staffed with qualified and
 experienced personnel for implementing and monitoring the internal
 control environment. The internal audit function is adequately
 resourced commensurate with the operations of the Company and reports
 to the Audit Committee of the Board.
 
 INSURANCE:
 
 The Properties and assets of your Company are adequately insured.
 
 CORPORATE GOVERNANCE:
 
 The Company has been in full compliance with the norms of Corporate
 Governance as outlined in Clause 49 of the Listing Agreement with the
 Bombay Stock Exchange, Mumbai. A separate report on Corporate
 Governance is produced as a part of the Annual Report along with the
 Auditor''s Certificate on its compliance.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
 
 Management Discussion and Analysis Report, pursuant to Clause 49 of the
 Listing Agreement, forms part of this report and the same is annexed.
 
 ISO 9001- 2008 CERTIFICATION:
 
 Your Company continues to hold ISO 9001 - 2008 Certification by meeting
 all the requirements of certification from time to time.
 
 AUDITORS:
 
 M/s. Ramana Reddy & Associates, Chartered Accountants, Auditors of the
 Company retires at the Annual General Meeting and the Company has
 received certificate from them to the effect that their reappointment,
 if made, would be within the limits prescribed under Section 224(1 B)
 of the Companies Act, 1956. Members are requested to reappoint them and
 to authorize the Board to fix their remuneration.
 
 AUDITORS'' REPORT: 
 
 The observations of the auditors are explained, wherever necessary, in
 appropriate notes to the accounts.
 
 COST AUDIT
 
 The Company falls under Table II SI.No.49, Product Code 2037 RUBBER
 AND RUBBER PRODUCTS of MCA Order No. F.No. 52/26/CAB 2010 dated 6th
 November, 2012 for which Cost Audit is applicable from the financial
 year commencing from 1st April 2013.
 
 The Company has appointed the Cost Auditor M/s. P. Krishna Reddy & Co.,
 Cost Accountants for the financial year 2013-2014, whereas, the Company
 is unable to file Form 23C for appointment of Cost Auditor, since the
 Form 23C is not accepting the said order. The Company has raised the
 issue with the Ministry of Corporate Affairs and also with the Cost
 Audit branch of MCA, and are awaiting for the updated Form 23C.
 
 DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
 OF THE COMPANIES ACT, 1956:
 
 In compliance of section 217 (2AA), as incorporated by the Companies
 (Amendment) Act, 2000, in the Companies Act, 1956, your directors
 confirm: -
 
 a) that in the preparation of the accounts for the financial year ended
 31st March, 2013 the applicable accounting standards have been followed
 along with proper explanation relating to material departures;
 
 b) that the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit or loss of the company for the year under review;
 
 c) that the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the companies Act, 1956 for safeguarding the assets of
 the company and for preventing and detecting fraud and other
 irregularities;
 
 d) that the Directors have prepared the accounts for the financial year
 ended 31st March 2013 on a going concern basis.
 
 CONSERVATION OF ENERGY, FOREIGN EXCHANGE ETC.:
 
 Information on conservation of Energy, Technology absorption, Foreign
 Exchange earnings and outgo required to be disclosed under Section
 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of
 particulars in the Report of the Board of Directors) Rules, 1988 are
 provided in the Annexure forming part of this Report.
 
 EMPLOYEE RELATIONS:
 
 Your Directors are pleased to record their sincere appreciation of the
 contribution by the workmen and staff at all levels in the improved
 performance of the Company.
 
 None of the employees are drawing Rs. 5,00,000/- and above per month or
 Rs. 60,00,000/- and above in aggregate per annum, the limits prescribed
 under Section 217(2A) of the Companies Act, 1956.
 
 ACKNOWLEDGEMENTS:
 
 The Directors thank the Company''s Bankers namely M/s. State Bank of
 India, officials of concerned Government Departments and share holders
 for their co-operation and continued support to the Company.
 
 
 
                          For and on behalf of the Board of Directors
 
 
 
 Place : Hyderabad                     (M.RAMESH REDDY)
 
 Dated : 10th August, 2013                CHAIRMAN
Source : Dion Global Solutions Limited
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